Middle East

Amid the rising tensions between Washington and Tehran, several countries have started to withdraw dependents of diplomats and 'non-essential personnel from certain locations in?Middle East. Or they advise citizens to postpone travel to Iran. Here are some of the most popular moves: AUSTRALIA - The Australian government has advised dependents of Australian diplomatic staff in Israel and Lebanon that they should leave these two countries due to a deteriorating regional security situation. The government also offered voluntary departures for the?dependents of Australian diplomats in the United Arab Emirates (UAE), Jordan, and Qatar. It continues to encourage?citizens of Israel and Lebanon...

Iraq's Oil Minister said that Chevron is in exclusive talks with Lukoil to take over the West Qurna 2 oilfield. Iraq is seeking to increase its oil and gas production. Oil majors are competing to expand their operations, after years of political insecurity. Hayan Abdel-Ghani, the Oil Minister of Iraq, told Kurdish TV Rudaw in an interview that production could increase to 750,000-800,000. bpd once Chevron took over operations. The U.S. The?U.S. Iraq, which is the second largest oil producer in the OPEC+ Group, comprising Organization?of Petroleum Exporting Countries (OPEC) and its allies, including Russia, has plans to increase the...

Early trade on Wednesday saw a mixed performance on the Gulf stock exchanges, with Saudi Arabia continuing its decline on fiscal concerns. Market participants were awaiting a third round of U.S. - Iran nuclear talks, scheduled for Thursday. Saudi Arabia's benchmark index fell 0.3%. This was a continuation of its decline as the budget deficit in the kingdom increased quarter-on-quarter because of higher spending. Financial?stocks led the way in losses. Al Rajhi Bank - the largest Islamic bank in the world - and Saudi National Bank - the largest lender of the country by assets – both fell?0.7%. Saudi Aramco,...

Congress may vote next week on whether to prevent 'President Donald Trump' from striking Iran without the approval of lawmakers. The U.S. Military is preparing for a possible serious conflict with Iran if diplomacy fails. Members of Congress have repeatedly tried to pass resolutions, which would prevent Trump from taking military action without the approval of lawmakers. The Constitution of the United States gives Congress, not the president, the power to send U.S. troops into war. The Constitution gives Congress the power to send U.S. soldiers to war, except for limited strikes to protect national security. Last week, it was...

Investors were cautious in early trade Tuesday, as they awaited the U.S. Iran nuclear talks. Meanwhile,?Iran conducted a naval exercise near the Strait of Hormuz. Saudi Arabia's benchmark Index fell 0.9%. Al Rajhi Bank lost 1.1%, and Saudi Arabian Mining Company declined 3.3%. Saudi Aramco, the oil giant, is down by 0.4%. Crude oil prices, a key catalyst for Gulf financial markets, have dipped ahead of U.S. - Iran talks aimed at deescalating tensions in the face of expected OPEC+ production increases. Iran started a military exercise on Monday in the Strait of Hormuz. This is a crucial international shipping...

Saudi-backed Midad Energy signed a termsheet?to purchase Russia's sanctioned Lukoil?assets?in a high stakes competition against rivals, including?private equity giant Carlyle Group. The deal is contingent upon U.S. regulator approval, according three people with knowledge of the matter. The Russian energy giant is continuing to try to sell off overseas assets that are restricted by Western sanctions. It also highlights the growing interest of Middle Eastern countries in purchasing discounted global oil and refinery assets. Sources said that the agreement was signed late in January and covered all the assets. Midad agreed that it would place its?all-cash offer? in escrow, while...

The International Energy Agency warned on Thursday that world oil demand will rise more slowly than anticipated this year. However, it still expects a large surplus in the global market despite the outages which cut supply back in January. In its monthly report on oil, the agency predicted that global supply will exceed demand by 3,73 million barrels a day in 2026. This is essentially unchanged from last months' forecast. This surplus would be equivalent to almost 4% of global demand, which is higher than any other forecast. Brent crude LCOc1 - the global benchmark - was trading at less...

OPEC forecasts that world oil 'demand for crude oil from the wider OPEC+ producer groups will fall by 400,000.barrels per.day.in the second.quarter.from the first three.months of this year. A copy of its monthly report on oil seen by shows. OPEC reported that the world demand for OPEC+ oil will average 42.20 millions bpd during the second quarter. This is down from 42.60million bpd during the first quarter. The two forecasts were unchanged since last month's report. The OPEC+ group, which includes OPEC countries, Russia?and others, increased oil production last?year, after years of cuts. Production hikes were halted in the first...

Two people who have direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in northeastern Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project would cover four to five exploration blocks in the northeastern area. The project is the latest in an array of large-scale business deals that have spanned Syria's entire economy, since the former autocrat Bashar Al-Assad was overthrown by Islamist rebels who became rulers a year earlier and after the U.S....

Oil prices fell slightly on Tuesday, as traders assessed the possibility of supply disruptions following U.S. guidance to vessels transiting 'the Strait of Hormuz'. Brent crude oil futures fell 25 cents or 0.4% to $68.79 per barrel at 0102 GMT. U.S. West Texas Intermediate Crude fell 23 cents or 0.4% to $64.13. Prices rose by more than 1% Monday after the U.S. Department of Transportation’s Maritime Administration told U.S. flagged commercial vessels to keep as far away from Iran's 'territorial water' as possible, and to decline verbally if asked to allow Iranian forces to board. A fifth of all oil...

The Olympic flame arrived at Milan's gothic giant cathedral on Thursday, amid cheers and protests on the eve before the opening ceremony of the Milano Cortina Winter Games. Nicoletta Mani, a 'leading 'ballet dancer from the nearby La Scala Theatre, carried the torch to a platform under the cathedral, where it was lit a brazier. The majority of people who packed the Piazza del Duomo, or Cathedral Square in the light rain cheered and took photos on their smartphones as the torch passed. The torch was brought to the square through the Galleria Vittorio Emanuele. In solidarity with Gazans, a...

The Iranian Foreign Ministry spokesperson confirmed that Abbas Araqchi, Iran's Foreign minister, has left?for Muscat in the Omani capital at the head of a diplomatic delegation for nuclear talks to be held with the U.S. on Friday. Officials from both sides confirmed that the U.S. has agreed to hold talks with Iran in Oman this Friday. However, they are still at odds over Washington's demand that Tehran's arsenal of missiles be included in negotiations and Iran's refusal to talk about anything but its nuclear program. Esmail Baghaei, the Iranian spokesperson, said on Thursday that Iran will engage in talks with...

China's role in setting the floor and ceiling prices for crude oil is one of the less discussed dynamics of the global market. The world's biggest crude?importer is known to buy excess oil and build up inventories when the refiners or government consider prices to be low. They also pull back imports when they feel that prices are rising too quickly. Analysts and journalists covering the crude oil market are not aware of the changes in imports because they occur with a delay of several months. There are early signs, however, that China will shift its imports in favor of...

The oil prices rose on Thursday, as investors hoped that U.S.-Iran negotiations could prevent a'military conflict which risks disruption of supply.' However, gains were limited by the buildup in U.S. ?crude inventories. Brent futures traded at $71.04 a barrel at 0415 GMT, an increase of 19 cents or 0.3%. WTI futures increased 15 cents or 0.2% to $65.57 a barrel. Brent rose Monday to its highest level since July 31, as Washington sent military forces to the Middle East in an effort to pressure Iran into negotiating a stop to its nuclear programme and ballistic missile program. Toshitaka Takawa, analyst...

The price of oil climbed Thursday as investors hoped that U.S. and Iranian talks would avert a conflict which could disrupt supply. However, gains were capped due to a 'build-up in U.S. crude stocks. Brent futures traded at $71.12 a barrel at 0123 GMT, up 27 cents or 0.3%. WTI futures increased by 23 cents or 0.4% to $65.65. Brent rose 8 cents Wednesday while WTI dropped 21 cents. Brent reached its highest level since July 31, and WTI also rose to the highest level since July 31. Both contracts have remained?near these levels, as Washington has deployed military forces...

Oil prices were flat on Monday, ahead of a meeting between Washington and Tehran. Concerns about Iran-U.S. relations disrupting oil shipments are keeping prices down, while OPEC+ is in favor of resuming production increases from April. Brent crude futures were down 3 cents at $67.72 per barrel as of 0156 GMT, after ending Friday 23 cents higher. The price of U.S. West Texas Intermediate Crude was $62.86 per barrel, down by 3 cents. Due to a Monday holiday, there will be no WTI Settlement. Both benchmarks saw weekly declines last week. Brent settled down around 0.5% while WTI?lost about 1%....

The oil price was little changed Friday, after falling the previous session. It is set to fall for a second consecutive week, as concerns about an Iranian conflict, which could affect supply, have receded. Brent crude oil futures were up 3 cents or 0.04% at $67.55 per barrel at 0205 GMT, after dropping 2.7% the previous session. U.S. West Texas Intermediate crude oil rose by 1 cent, or 0.02% to $62.85, after falling 2.8%. Brent prices will drop by 0.8% while WTI is expected to fall by 1.1%. Prices rose earlier in the week as investors worried that the U.S....

Investors worried about the escalating tensions between Iran and the U.S. pushed up oil prices on Thursday morning. Brent crude oil futures were up 34 cents or 0.49% at $69.74 per barrel at 0126 GMT. U.S. West Texas Intermediate Crude climbed 37 cents or 0.57% to $65.00. Both benchmarks closed higher on Wednesday. Brent futures rose 0.87%, and WTI more than 1.05% as investor concerns about U.S. - Iran tensions overshadowed a rise in U.S. oil stocks. After talks with Israeli Premier Benjamin Netanyahu, Donald Trump stated that the two leaders had not reached a "definitive agreement" on how to...

Adani Enterprises announced on Tuesday that an American agency is conducting civil?investigations into the company's transaction that could have involved Iran or other parties that are subject to U.S. sanction. The flagship company of the billionaire Gautam Adani-led group said that it received a request from the U.S. Treasury’s Office of Foreign Assets Control on February 4. This was after voluntary discussions about a Wall Street Journal article from June 2025 which alleged Adani linked firms imported Iranian liquid petroleum gas into India via shipping routes?that were possibly designed to avoid U.S. sanction. WSJ also reported in its report that...

S-Oil, a South Korean oil company, announced on Monday that it had recorded a 91% increase in its fourth-quarter operating profits. It expects the first-quarter refinery margins to be robust due to the steady demand and disruptions of supply as well as a planned U.S. refining plant closure. According to market expectations, the refinery, which is owned 63% by Saudi Aramco reported an operating profit for the quarter of 424 billion won ($293 millions). The operating profit of its refining division increased by 55%, to 225.3 billion won. It said that the refining margin of gasoline from Dubai crude had...

Prices of oil?recovered?on Friday, after U.S. president Donald Trump renewed his threats against Iran. This sparked fears that military action could disrupt crude supply while outages are occurring in Kazakhstan. Brent crude futures rose by 76 cents or 1.2% to $64.82 per barrel at 1026 GMT. U.S. West Texas Intermediate Crude?was up $75 cents or 1.3% at $60.11. Both benchmarks were set at weekly gains of around 1.1%. Prices rose earlier in the week due to U.S. president Donald?Trump’s actions on Greenland, but fell by about 2% on Thursday after he backtracked on tariff threats and ruled out a military...

The price of oil?increased on Tuesday due to a weaker US dollar. Meanwhile, the markets were watching President Donald Trump threaten higher U.S. Tariffs against European nations because he wants to buy Greenland. Brent futures were up 15 cents or 0.2% to $64.09 per barrel at 0430 GMT. The U.S. West Texas Intermediate contract for February that expires Tuesday was up by 14 cents or 0.2% to $59.58. WTI March gained?6 Cents or 0.1% to $59.40. WTI contracts were not settled on Monday because of the U.S. Martin Luther King Jr. Martin Luther King Jr. Day was observed in the...

Oil prices rose on Tuesday after China's better-than expected economic growth data lifted demand optimism. Markets also watched President Donald Trump’s threats to increase U.S. Tariffs on European Nations over?his desire to buy Greenland. Brent futures were up 19 cents or 0.3% to $64.13 a barrel at 0100 GMT. The U.S. West Texas Intermediate Crude Contract for February, which expires Tuesday, is up 25 cents or 0.4% from Friday's closing price of $59.69. The WTI March contract, which is the most actively traded, gained 0.08 cents or 0.13% to $59.42. Due to the U.S. Martin Luther King Jr. Day Holiday,...

The oil prices were unchanged on Friday, with Brent and U.S. West Texas Intermediate only moving a few cents compared to their closing prices. Brent fell 3 cents or 0.05% to $63.73 a barrel while U.S. West Texas Intermediate rose 4 cents or 0.07% to $59.22 a barrel at 0223 GMT. Brent and WTI both reached multi-month highs after protests in Iran and the U.S. flared up this week. President Donald Trump also signaled the possibility of strikes against the nation. On?Thursday night, Trump stated that the crackdown by Tehran on protesters had slowed, easing fears of a possible military...